- Could changes in LIBOR-setting lead to frustration in current contracts?
- What are the current plans to overhaul LIBOR or create alternative reference rates?
- What advantages would this have for the market and market-participants generally?
- What effect would this have on existing contracts referencing LIBOR? Would parties be able to argue that a contract could be terminated based on contractual frustration?
- Should banking lawyers be looking to add additional language into their contracts now to avoid future problems?
Banking & Finance analysis: There is a move to transaction-based benchmarks for calculating LIBOR rates. Saaman Pourghadiri, barrister at Outer Temple Chambers, questions whether this change in methodology is likely to lead to frustration in current contracts.
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